Consider the following information for Presidio Inc's most recent year of operations.Number of units produced2,8001,700Number of units soldSales price per unitDirect materials per unitDirect labor per unitVariable manufacturing overhead per unitFixed manufacturing overhead per unit($331,240 + 2,800 units)Total variable selling expenses ($12 perunit sold)Total fixed general and administrative$670.0050.0080.0030.00118.3020,400.0078,000.00expensesRequired:2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory.2-b. Complete a variable costing income statement for Presidio. Assume there was no beginning inventory.3. Compute the difference in profit between full absorption costing and variable costing.X Answer is complete but not entirely correct.Complete this question by entering your answers in the tabs below.Req 2AReq 2BReq 3Complete a variable costing income statement for Presidio. Assume there was no beginning inventory.Presidio, Inc.Variable Costing Income StatementSales$ 1,139,000Variable Cost of Goods Sold272,000Variable Selling Expense20,400Contribution Margin56,454 XContribution Margin846,600Less: Fixed CostsFixed Manufacturing Overhead36,333Fixed Manufacturing Overhead331,240Fixed General and Administrative Expense78,000Net Operating Income$437,360< Req 2AReq 3 > Consider the following information for Presidio Inc.'s most recent year of operations.Number of units produced2,8001,700Number of units soldSales price per unitDirect materials per unitDirect labor per unitVariable manufacturing overhead per unitFixed manufacturing overhead per unit($331,240 + 2,800 units)Total variable selling expenses ($12 perunit sold)Total fixed general and administrative$670.0050.0080.0030.00118.3020,400.0078,000.00expensesRequired:2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory.2-b. Complete a variable costing income statement for Presidio. Assume there was no beginning inventory.3. Compute the difference in profit between full absorption costing and variable costing.Answer is complete but not entirely correct.Complete this question by entering your answers in the tabs below.Req 2AReq 2BReq 3Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory.Presidio, Inc.Full Absorption Income StatementSalesO $ 1,139,000Cost of Goods Sold473,110Beginning Inventory54,000Gross Margin665,890Less: Non-Manufacturing ExpensesFixed General and Administrative Expense20,400Contribution Margin78,000Fixed General and Administrative Expense78,000Variable Selling Expense57,000Net Operating Income$567,490

Name: Consider the following information for Presidio Inc's most recent yea
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Description: Consider the following information for Presidio Inc's most recent year of operations.Number of units produced2,8001,700Number of units soldSales price per unitDirect materials per unitDirect labor per unitVariable manufacturing overhead per unitFixe

Under Full Absorption Income Statement , Gross Profit = Sales - Cost of goods sold Net Operating…

Business

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Consider the following information for Presidio Inc.'s most recent year of operations. Number of units produced 2,800 1,700 Number of units sold Sales price per unit Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($331,240 + 2,800 units) Total variable selling expenses ($12 per unit sold) Total fixed general and administrative $ 670.00 50.00 80.00 30.00 118.30 20,400.00 78,000.00 expenses Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a variable costing income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing.

Consider the following information for Presidio Inc.'s most recent year of operations. Number of units produced 2,800 1,700 Number of units sold Sales price per unit Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($331,240 + 2,800 units) Total variable selling expenses ($12 per unit sold) Total fixed general and administrative $ 670.00 50.00 80.00 30.00 118.30 20,400.00 78,000.00 expenses Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a variable costing income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company has a single product. The monthly data concerning the single product follows: Item Amount Selling Price per unit $200/unit Variable expenses per unit $80/unit Total Fixed Expenses $980,000 Units produced 10,000 units Units sold 10,000 units What is the current Operating Income given the above information?
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The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($188,500÷2,900 units) Total variable selling expenses ($13 per unit sold) Total fixed general and administrative expenses 2,900 2,500 $355 $ 55 $ 40 $11 $ 65 $ 32,500 $ 63,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year.
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COST OF GOODS SOLD IS 107,500. SHOW THE SOLUTION
The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold Unit sales price 3,000 2,400 $ 350 $70 $ 55 Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit $ 13 $65 $ 26,400 $ 63,000 Fixed manufacturing overhead per unit ($195,000+3,000 units) Total variable selling expenses ($11 per unit sold) Total fixed general and administrative expenses Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Complete this question by entering your answers in the tabs below. Full Absorption Costing Variable Costing. Prepare Crystal Cold's full absorption costing income statement for the year. Crystal Cold Coolers Incorporated Full Absorption Costing Income Statement Sales Less: Cost of goods sold Gross margin Less: Non-manufacturing expenses Variable selling expense Fixed general and administrative…
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